Gannett Co Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Consolidated Statements of Operations and Comprehensive Income (Loss)
| Year ended December 31, | |||
|---|---|---|---|
| In thousands, except per share amounts | 2023 | 2022 | 2021 |
| Advertising and marketing services | $1,387,114 | $1,496,137 | $1,651,161 |
| Circulation | 927,821 | 1,084,637 | 1,249,674 |
| Other | 348,615 | 364,529 | 307,248 |
| Total revenues | 2,663,550 | 2,945,303 | 3,208,083 |
| Operating costs | 1,692,031 | 1,860,353 | 1,901,564 |
| Selling, general and administrative expenses | 735,339 | 852,488 | 902,064 |
| Depreciation and amortization | 162,622 | 182,022 | 203,958 |
| Integration and reorganization costs | 24,468 | 87,974 | 49,284 |
| Asset impairments | 1,370 | 1,056 | 3,976 |
| (Gain) loss on sale or disposal of assets, net | (40,101) | (6,883) | 17,208 |
| Other operating expenses | 1,550 | 1,892 | 20,952 |
| Total operating expenses | 2,577,279 | 2,978,902 | 3,099,006 |
| Operating income (loss) | 86,271 | (33,599) | 109,077 |
| Interest expense | 111,776 | 108,366 | 135,748 |
| (Gain) loss on early extinguishment of debt | (4,529) | (399) | 48,708 |
| Non-operating pension income | (9,382) | (58,953) | (95,357) |
| Loss on convertible notes derivative | — | — | 126,600 |
| Other non-operating income, net | (5,429) | (5,707) | (18,701) |
| Non-operating expenses | 92,436 | 43,307 | 196,998 |
| Loss before income taxes | (6,165) | (76,906) | (87,921) |
| Provision for income taxes | 21,729 | 1,349 | 48,250 |
| Net loss | $(27,894) | $(78,255) | $(136,171) |
| Net loss attributable to noncontrolling interests | (103) | (253) | (1,209) |
| Net loss attributable to Gannett | $(27,791) | $(78,002) | $(134,962) |
| Loss per share attributable to Gannett - basic | $(0.20) | $(0.57) | $(1.00) |
| Loss per share attributable to Gannett - diluted | $(0.20) | $(0.57) | $(1.00) |
| Other comprehensive income (loss): | |||
| Foreign currency translation adjustments | $13,683 | $(24,008) | $(604) |
| Pension and other postretirement benefit items: | |||
| Net actuarial gain (loss) | 33,135 | (185,282) | 13,811 |
| Amortization of net actuarial gain (loss) | (305) | (500) | 64 |
| Change in prior service cost | 3,307 | — | — |
| Amortization of prior service cost | (502) | 66 | — |
| Equity method investments | 610 | — | — |
| Other | (7,415) | 5,283 | (387) |
| Total pension and other postretirement benefit items | 28,830 | (180,433) | 13,488 |
| Other comprehensive income (loss) before tax | 42,513 | (204,441) | 12,884 |
| Income tax provision (benefit) related to components of other comprehensive income (loss) | 6,823 | (43,212) | 3,059 |
| Other comprehensive income (loss), net of tax | 35,690 | (161,229) | 9,825 |
| Comprehensive income (loss) | 7,796 | (239,484) | (126,346) |
| Comprehensive loss attributable to noncontrolling interests(a) | (103) | (253) | (1,209) |
| Comprehensive income (loss) attributable to Gannett | $7,899 | $(239,231) | $(125,137) |
(a)For the years ended December 31, 2023 and 2022, there wereno redeemable noncontrolling interests included in Net loss attributable to noncontrolling interests. For the year ended December 31, 2021, Net loss attributable to noncontrolling interests included $1.1 million, relating to redeemable noncontrolling interests.
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